Australian Government And Opposition Scrap Over Condensate Taxation
It emerged on Tuesday that the opposition coalition may move to block key revenue
raising measures being considered by Australia's Rudd government as it readies
its first budget. According to reports in the Australian media, the Liberal Party is arguing
that a planned move to remove the tax exemption on condensate (a type of light
crude oil), which has been in place for more than three decades, would result
in the additional cost being passed on to the end consumer. It is thought that the removal of the tax break would bring the Labour government
around AUD564mn in the next fiscal year, and around AUD2.5bn over a four year
period. This is not the first of the Rudd administration's tax proposals to come under
fire, with the Coalition also threatening to derail a tax hike on ready to drink
alcoholic products and amendments to the Medicare levy regime, and the Green
Party calling for a tax increase on luxury cars to be targeted more narrowly
at "gas guzzlers". .
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